Brasilia, April 16
Challenging the existing global power structure, the BRIC forum comprising the four top emerging economies — Brazil, Russia, India and China — called for urgent reforms of the UN and international financial institutions to accommodate aspirations of rising powers.

Indian Prime Minister Manohan Singh, Brazilian President Lula da Silva, Chinese President Hu Jintao and Russian President Dmitry Medvedev held wide-ranging talks at Itamaraty Palace in the Brazilian capital soon after the IBSA summit of India, Brazil and South Africa.

The BRIC summit, scheduled for Friday, was advanced by a day as Hu had to cut short his trip due a massive earthquake in China.

A joint statement at the end of the day-long summit stressed the group’s intent to see a “multipolar, equitable and democratic world order,” a formulation that is set to worry the US as it views groupings like BRIC with suspicion.

Pulling their collective economic weight behind the BRIC initiative, the four leaders made a vigorous pitch for the long-overdue reform of the UN and backed a greater role for India and Brazil in the UN Security Council.

“We reiterate the importance we attach to the status of India and Brazil in international affairs, and understand and support their aspirations to play a greater role in the United Nations," the joint communique said.

“In this respect, we reaffirm the need for a comprehensive reform of the UN, with a view to making it more effective, efficient and representative, so that it can deal with today’s global challenges more effectively,” said the declaration at the end of the summit on Thursday night. Russia hosted the first BRIC summit in Yekaterinburg in June last year. The leaders of BRIC countries, which account for 20 per cent of the global GDP, focused a large part of their discussions on setting the pace and direction of global economic recovery.

Manmohan Singh, on his part, cautioned the world against complacency and pitched for closer collaboration in interests of long-term recovery. India's position was reflected in the joint declaration.

“We welcome the fact that the G-20 was confirmed as the premier forum for international economic coordination and cooperation of all its member states,” said the joint declaration. “Compared to previous arrangements, the G-20 is broader, more inclusive, diverse, representative and effective.”

“We advocate the need for the G-20 to be proactive and formulate a coherent strategy for the post-crisis period,” the BRIC leaders said, while underlining the need for reform of the Bretton Woods institutions, the IMF and the World Bank.

Alluding to the recent resumption of economic growth in emerging markets, the four leaders said that “the foundation of world economic recovery is not yet solid, with uncertainties remaining.”

The focus of the summit was on recasting the international political and economic order by the four countries whose economies are going to be the world’s biggest by 2050.

Manmohan Singh called the summit “very successful” and stressed that the BRIC grouping was uniquely placed to recast global order and to contribute to world economic growth and prosperity.

The four countries account for one-fifth of the global GDP and include two of the largest energy producers and two of the largest consumers in the world. China will host the next edition of the BRIC summit.

The BRIC countries also pitched for “more inclusive and transparent” climate talks in Mexico later this year to achieve a “comprehensive, balanced and binding” deal to tackle global warming.

The leaders also condemned terrorist acts in all forms and manifestations. The BRIC leaders stated: “We note that the fight against international terrorism must be undertaken with due respect to the UN Charter, existing international conventions and protocols. In this context, we urge early conclusion of negotiations in the UN General Assembly of the Comprehensive Convention on International Terrorism and its adoption by all Member States.”